Overstock.com announced that the online retailer has surpassed $1,000,000 in sales paid by Bitcoin since launching the partnership in January.
During the program's first 50 days, more than 4,000 customers made purchases with Bitcoin on Overstock.com. The average order size for the purchases was $226, which is 34% higher than non-Bitcoin purchases. More than half of all customers paying in Bitcoin were first-time buyers on the site.
Net profitability for Overstock.com improved as well, with processing fee for Bitcoin transactions averaging less than 1% compared to 2.2% plus $0.20 for credit card transactions. For a low-margin, high volume business like Overstock.com, these savings are substantial.
“There’s clearly a huge community of people who support this. Our customer service lines are going nuts with people who appreciate this," said Patrick Byrne, Overstock.com chairman and CEO.